NEW YORK (TheStreet) -- Global indices relinquished substantial gains last week on concerns of a slowdown in global economic growth. Brazil's Bovespa was the top decliner, shedding 1.8%. India's Nifty followed, easing 0.7%. Meanwhile, China's Shanghai Composite Index edged 0.6% lower. The S&P 500 and the Dow Jones dipped 0.2% and 0.3% last week, respectively, as consumer sentiment sagged to its lowest since March and retail sales witnessed the slowest pace in nine months.
China: Winners and Losers
Fuwei Films (Holding) (FFHL) topped the gainers' list last week, jumping 25.5%. For the first quarter of 2011, the company reported net revenue of $26.8 million as compared to $13.6 million in the same period a year ago. Meanwhile, net income stood at $3.6 million, or 28 cents per share, as against $0.05 million, or $0.003, in first quarter of 2010.
Semiconductor Manufacturing International (SMI) advanced 17.5%. Last week, the company entered into a joint venture agreement with Hubei Science & Technology Investment Group to invest and manage Wuhan Xinxin Semiconductor Manufacturing Corporation's 12-inch wafer production line. Another semiconductor stock, Spreadtrum Communications (SPRD) gained 3.7% last week.Among others, auto parts and equipment maker SORL Auto Parts (SORL) and pharmaceutical company China Biotics (CHBT) surged 16.5% and 15.7%, respectively, at close last week. Orsus Xelent Technologies (ORS) reversed its previous week's gains, shedding 34.4%. Furthermore, China Metro Rural Holdings (CNR) declined 22.8% at close last week. Sutor Technology Group (SUTR) slipped 17.5% after reporting third quarter 2011 total revenue at $101.4 million last week, down 11.4% from the same quarter of the prior year. In addition, gross profit fell 7.5% to $8.6 million. Internet stocks Sina (SINA), Sohu.com (SOHU) and Baidu (BIDU) slumped 14.6%, 11.3% and 7.1%, respectively. For the first quarter of 2011, Sina recorded net profit of $15 million, or 23 cents per share, from $24.4 million, or 37 cents per share. For the second quarter, the company forecasts revenue between $112 and $115 million, below the earlier guidance of $115 million, according to the consensus estimate of analysts' polled by Reuters. India: Winners and Losers Gaining for the second consecutive week, iGATE (IGTE) accumulated 7%. The company announced the completion of the acquisition of Patni Computers last week. Senior Patni executives added that with this deal, the company would emerge as a leader by capability in two verticals and a significant player in at least three to four other verticals over the next three years.
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